Everything you need to know about Paysafecard

The European e-commerce industry continues to expand at a rapid pace, stabilizing at a high level after spikes at the beginning of the pandemic, showing that the benefits of e-commerce – from greater choice and better service – are here to stay. 

Merchants looking to expand their business operations to customers across Europe need to adjust their offer to the requirements of the local market. Providing the payment methods local consumers trust and prefer to use is the first step every merchant should take.

Paysafecard is an excellent example of a European payment method that is popular in its home country of Austria and beyond. Read on to learn more about Paysafecard and how you can integrate this payment method in your e-commerce store.

What is Paysafecard?

Paysafecard is a prepaid online payment method based on vouchers with a 16-digit PIN code. Customers can buy vouchers at local sales outlets, pay online by entering the code at the checkout of the respective website (for example, an online game), and use their code to access goods or services. Paysafecard codes aren’t fit to be passed by mail or phone.

Paysafecard is most popular in Europe, but is honored across more than forty countries. A single code is issued and distributed on a country-by-country basis, so cross-border and cross-currency usage is possible within some limits. However, the scope of services and partner webshops varies by country. 

How does Paysafecard work?

Paysafecard is a prepaid payment system customers can purchase at offline points of sale, such as shops, newsstands, and other local retailers. The customer can then enter the code from the voucher into the online checkout system to pay for purchases.

Once the customer provides the code, the transaction is carried out instantly, and there is no delay in the procedure. The transfer is anonymous, so Paysafecard is one of the best payment methods for speed and security. It’s also very convenient to use, which is why so many consumers choose it over traditional credit cards or bank transfers.

To check the remaining balance, customers can use the online app. They can use the current voucher to make other purchases if enough money is left. For more expensive purchases, it’s possible to combine up to 10 vouchers.

Why do merchants and consumers use Paysafecard?

Paysafecard offers a prepaid card powered by MasterCard that customers can use to make online and offline payments just like a credit card. To keep the account full, they simply transfer some amount from their Paysafecard account to the prepaid card. Next, consumers are free to use the card to pay online or offline. In addition, Paysafecard has a free mobile app where customers can check the nearest location where they can buy vouchers, check their current balance, and pay in a foreign currency.

Offering Paysafecard is a smart move for merchants looking to reach a wider array of local e-commerce customers with increased payment method coverage. This prepaid payment method builds a smoother checkout experience by enabling users to pay online without a credit or debit card. 

How can merchants start accepting Paysafecard?

The easiest way to start accepting Paysafecard is by using a payment gateway that covers this option. An international payment service provider like PayU allows merchants to accept payments through Paysafecard without any hidden fees. The smooth onboarding process ensures that you can start accepting payments quickly, without any paperwork involved when setting up a connection yourself.